Students who do not get any free federal or state grants are almost always still eligible for a Federal Stafford loan which is in the student's name. Of course, the Expected Family Contribution is tied to parental income if the student does not meet the qualifications for independent status, but not meeting unmet need with free grants leaves the student borrowing power. After that, there are federally backed parent PLUS loans, which are still a better deal than alternative loans.
Of course, there are limits to what a student may borrow...stafford aggregate limit is around 45 grand, annual limits up to 7500 for a dependent student, which i know won't cover an expensive college.
More info
here, and feel free to PM me if I can help with anything.
Also, it is worthy to note that it is the position of the Department of Education that the parent/family is ultimately responsible for the education of the child.[/I just got back from state conference]
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Originally Posted by Sundae Girl
Save? Invest?
I'm with Binky
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I agree...those are luxuries.
12-08-2007, 01:07 PM
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